- XRP reached $0.40 earlier today after trading below that level for more than 6 weeks.
- A series of whale transfers have led to almost 430 million XRP being moved around.
- Technical analysts are eyeing $0.44 as a bullish breakout level to trigger a strong rally.
Ripple’s XRP reached $0.40 earlier today after hovering below this key resistance level for more than six weeks. The token went as high as $0.404 in the early hours of 16 January, before reversing all gains within a matter of hours.
This bullish rally came a day after XRP had retested the $0.40 level on 14 January. This zone has emerged as a key resistance, which the bears defended during the retest. The token has been rejected at this level at least four times over the past two months.
The rally to $0.40 came amid massive whale transfers that moved millions of XRP around different wallets. The most notable of them is the one from the world’s largest crypto exchange Binance. According to an update from Whale Alert, Binance transferred over 94 million XRP into an unknown wallet.
Binance was not the only exchange to move around its XRP holdings. Fellow crypto exchange Bitso transferred 29 million XRP worth more than $11 million earlier today. The total XRP transfers over the past 24 hours come in at a whopping 429.3 million.
Meanwhile, the technical analysts from crypto Twitter have shared their outlook for the token. $0.44 has been identified as the target breakout level in order to trigger a rally. XRP was trading at $0.38 at press time. Ripple’s ongoing lawsuit against the SEC remains the single largest factor that can act as a catalyst for this token.
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